By Report, The petrol price slashed by Rs 2.42 per litre while that of diesel price condensed by Rs 2.25. After August it is the 10th time when petrol price falls down and the Sixth time in case of diesel since its deregulation in October.
Fuel prices were last revised on January 16 when petrol and diesel prices were cut by the same margin in the wake of falling oil prices. In January, the government the government had also hiked excise duty on petrol and diesel by Rs 2 per litre. This was the fourth hike in excise duty since November and cumulatively excise duty on petrol was hiked by Rs 7.75 per litre and diesel by Rs 6.50 a litre.
The country's top fuel retailer Indian Oil Corporation said in a statement that as we saw the great downfall in International prices of both petrol and diesel have continued to be on a downtrend and the INR-USD exchange rate has appreciated.
It definitely made a very good impact on the retail selling price of both the petrol and the diesel
Global oil major BP, which partners Reliance Industries in India, said it will cut capital expenditure, which analysts say that this will play a very big role in balancing and maintaining the oversupplied oil market in the future.
BP chief executive Bob Dudley, tempered expectations of lower production, however, he said on Tuesday that he expected US oil output to rise until the summer of 2015 when it would flatten, according to a Reuters report. Oil cartel OPEC has refused to cut production despite the steep fall in oil since June.
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